"While the economy continued to grow in the first quarter, the expansion remains modest in pace and subpar from a historical perspective"
- Jim Baird, chief investment strategist at Plante Moran Financial Advisors
The U.S. economy grew at a slower pace than forecast in the first quarter as businesses cut on investment. Gross domestic product increased at a 2.2 per cent annual rate, the Commerce Department said on Friday.
"There's nothing catastrophic happening, this is just slow growth and this underscores that the economy is on sound footing but nothing more," said Steven Baffico, chief executive at Four Wood Capital Partners in New York.
"While the economy continued to grow in the first quarter, the expansion remains modest in pace and subpar from a historical perspective," says Jim Baird, chief investment strategist at Plante Moran Financial Advisors.
"The economy is still on an uncertain footing and a window of risk exists, given the global slowdown that is unquestionably underway and the recessionary environment now enveloping multiple developed economies."
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